Money Market and International Transactions Business Department TMB Thanachart (TTB) revealed that the value of the baht this morning (21 Nov. 2023) opened the market at 35.10 baht/dollar this morning, strengthening compared to yesterday’s market closing price of 35.18 baht. /dollar
The US dollar weakened against major currencies as investors continued to sell off the greenback. Amid speculation that the US Federal Reserve (Fed) will end the cycle of raising interest rates. This is after raising interest rates 11 times since the start of the rate hike cycle in March. 2022, resulting in the Fed increasing interest rates by 5.25%.
The latest CME Group’s FedWatch Tool indicates that investors expect the Fed to maintain interest rates at 5.25-5.50% at its December meeting. 2023, Jan. 2024 and March 2024 before reducing the interest rate by 0.25% to the level of 5.00-5.25% in the May 2024 meeting.
The market will be watching the release of the minutes of the Federal Reserve’s Monetary Policy Committee (FOMC) meeting for Oct. 31-November 1 today, looking for signs indicating the Fed’s interest rate direction.
Yesterday, foreign investors made net purchases in the bond market of 1,382 million baht and net sales in the Thai stock market of 1,405 million baht. Looking at the baht value today moving in the range of 34.95 – 35.25 baht/dollar, it is recommended that importers should buy foreign currency to Close the risk And exporters recommend selling foreign currency above 35.50 baht/dollar.
As for today’s currency range, USD/THB 34.95 – 35.25, EUR/THB 38.20 – 38.70, JPY/THB 0.2350 – 0.2390, GBP/THB 43.70 – 44.20, AUD/THB 22.90 – 23.20